Main reasons to commence your Bognor Regis lease extension

Why you should commence your Bognor Regis lease extension today:

Increase your lease and increase your Bognor Regis property value

On the balance of probabilities where you own a flat in Bognor Regis you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is generally considered that a property with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Lending institutions may not finance a property with a short lease

Mortgage companies are really clamping down as regards to homes in Bognor Regis with short leases. For instance you might discover that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so where you wanted to sell, your only options would be to find a cash buyer, or try your luck at auction thus limiting your market.

Why use us for your lease extension in Bognor Regis?

The conveyancers that we work with undertake Bognor Regis lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Bognor Regis Lease Extension Example Cases:

Arthur, Bognor Regis, West Sussex,

Arthur owned a high value flat in Bognor Regis on the market with a lease of fraction over 59 years remaining. Arthur informally approached his freeholder a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £125 annually. No ground rent would be payable on a lease extension were Arthur to invoke his statutory right. Arthur obtained expert legal guidance and secured an acceptable resolution informally and sell the property.

Bognor Regis case:

Dr Ellen Norbert was assigned a lease of a ground floor apartment in Bognor Regis in October 1995. The question was if we could approximate the compensation to the landlord would likely be to extend the lease by a further 90 years. Identical homes in Bognor Regis with 100 year plus lease were in the region of £223,400. The mid-range ground rent payable was £60 billed annually. The lease finished in 2085. Having 59 years outstanding we calculated the compensation to the landlord for the lease extension to be within £27,600 and £31,800 exclusive of costs.

Bognor Regis case:

In 2011 we were e-mailed by Mr and Mrs. L Thompson who, having owned a ground floor flat in Bognor Regis in October 2004. The question was if we could estimate the price would likely be to extend the lease by ninety years. Identical flats in Bognor Regis with 100 year plus lease were valued around £210,000. The mid-range amount of ground rent was £50 billed per annum. The lease ended on 16 June 2106. Taking into account 80 years as a residual term we calculated the premium to the landlord to extend the lease to be within £8,600 and £9,800 plus fees.